ROSLYN, N.Y., Oct. 4, 2021 /PRNewswire/ -- Sino-Global Shipping
America, Ltd. (NASDAQ: SINO) ("Sino-Global" or the "Company") today
announced it plans to enter a bitcoin mining machine joint-venture
("JV") with Highsharp, a company focused on block-chain technology,
hardware, software and technology management, and cloud computing.
The JV's scope will encompass collaborative engineering, technical
development and commercialization of a proprietary bitcoin mining
machine under the name Thor, with exclusive rights covering design
production, intellectual property, branding, marketing and sales.
In connection with entry into the JV, Sino-Global will make a
$10 million investment in the next
month to fund the JV's operations.
The JV will develop, and be exclusively licensed to manufacture,
market and sell the Thor Bitcoin Mining Machine worldwide. The JV
will own all intellectual property rights related to the Thor
Bitcoin Mining Machine, including without limitation any
modifications and improvements thereof. The JV plans to file a
utility patent application with the United States Patent and
Trademark Office pursuant to United
States' patent laws and the Patent Cooperation Treaty
("PCT") for its planned Thor Bitcoin Mining Machine.
Sino-Global has agreed to invest an estimated $50 million over the next few years to support
work performed in the U.S., including but not limited to design,
testing and integration. Sino-Global expects to use existing assets
as well as future capital raises to fund such investment. Highsharp
will be the exclusive designated supplier of high-performance
computing chips for the JV. A separate purchase agreement shall be
signed between the JV and Highsharp. The quantity and all other
details of the purchasing shall be determined based on actual
business volume of the JV.
Mr. Lei Cao, Chief Executive Officer of Sino-Global, commented,
"This is a major strategic development for Sino-Global with the
potential for significant long-term financial benefit. The name we
chose underscores our JV's considerable combined resources, market
knowledge and capacity to address unmet demand for high-quality,
reliable digital mining machines. Recent crypto policy changes
combined with ongoing global component shortages have served to
remove valuable digital mining production capacity. We intend to
fill that vacuum and plan to move aggressively as we build greater
value for Sino-Global and all shareholders."
About Sino-Global Shipping America, Ltd. (NASDAQ:
SINO)
Founded in the United States in
2001, Sino-Global Shipping America, Ltd. has been diversifying into
the cryptocurrency market, while continuing to support and grow its
shipping, chartering, logistics and related services business.
Headquartered in New York,
Sino-Global has offices in Los
Angeles, Mainland China, Australia, Canada and Hong
Kong. Additional information about Sino-Global can be found
on the Company's corporate website at www.sino-global.net.
Forward-Looking Statements
Certain statements made herein are "forward-looking statements"
within the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
"anticipate", "believe", "expect", "estimate", "plan", "outlook",
and "project" and other similar expressions that predict or
indicate future events or trends or that are not statements of
historical matters. Such forward-looking statements include SINO's
estimated and future results of operations, business strategies,
competitive position, industry environment and potential growth
opportunities. In addition, there is uncertainty about the spread
of the COVID-19 virus and the impact it will have on SINO's
operations, the demand for SINO's products and services, global
supply chains and economic activity in general. Moreover, the value
of cryptocurrencies may fluctuate significantly over time, and the
success of the JV and its products are not assured. These
forward-looking statements reflect the current analysis of existing
information and are subject to various risks and uncertainties. As
a result, caution must be exercised in relying on forward-looking
statements. Due to known and unknown risks, our actual results may
differ materially from our expectations or projections. All
forward-looking statements attributable to the Company or persons
acting on its behalf are expressly qualified in their entirety by
these factors. Other than as required under the securities laws,
the Company does not assume a duty to update these forward-looking
statements.
Additional information concerning these and other factors that
may impact our expectations and projections will be found in our
periodic filings with the SEC, including our Annual Report on Form
10-K for the fiscal year ended June 30,
2020. SINO's SEC filings are available publicly on the SEC's
website at www.sec.gov. SINO disclaims any obligation to update the
forward-looking statements, whether as a result of new information,
future events or otherwise.
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SOURCE Sino-Global Shipping America, Ltd.